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College and University Discussion
Reply to "Donut hole reality "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]That’s not donut hole. That’s a comfortable family. The rest of our kids go to state schools. [/quote] This. If you have sticker shock, but the ability to pay you aren't really a donut hole. [/quote] Ability to pay when that ability means constant struggle, isn’t really comfortable. Families with more than one kid and $250-300k don’t get financial aid. Paying $180-200k/year for kids’ tuition isn’t easy.[/quote] You [b]save starting at birth[/b], consider your spending and [b]live way below your means[/b]. [/quote] Colleges have become the modern-day version of the pyramids. Basically for most of your adult life it's this massive constant drain on your resources, and for what!?[/quote] It doesn't have to be. Simply attend a school you can afford. Most states have several good schools that cost only $25-30K. And there are plenty of private schools that offer merit that will bring price down to similar. So take $5.5K loan, kid works and earns $10K+. You have $15K left. Parents can either cash flow part of it or have saved for that $15K/year (60K total). Then your kid should easily be able to pay off $27K in loans within 5-6 years. If that doesn't work, then start at CC for 1-2 years and transfer to a 4 year. Live at home during the CC and your kid can totally fund it and be saving for the last 2 years with a job during breaks and PT during the year. If your kid has a 3.5+ UW at HS they can easily find good merit (my 3.5/1250 kid did just that without even trying, had they stepped down a tier they could have found much more merit if it was needed). My kid had two in-state (not the flagship) options that gave $5K merit even with those stats. [/quote]
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